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The Fine Print Revealed - 8 Equipment Coverage Exclusions

A Business Owners Policy (BOP) for a home-based photographer and studio based photographers has some Business Property (camera equipment) limitations and exclusions. For the sake of trying to eliminating surprises down the road let me remind you of a few of those limitation and exclusions:

1) The covered territory is - US and its territories, Canada, and Puerto Rico.

2) Property not covered while in the mail (United States Postal Service).

3) Property not covered while waterborne - however, "we cover property while aboard vessels on inland waterways when the waterborne transportation is incidental to the land portion of the journey;

4) Property not covered from a flood, surface water, waves (including tidal wave and tsunami), tides, tidal water, overflow of any body of water, or spray from any of these, all whether or not driven by wind (including storm surge).

5) Property theft from any unattended vehicle unless at the time of theft its windows, doors and compartments were closed and locked and there are visible signs that the theft was the result of forced entry. But this exclusion does not apply to property in the custody of a carrier for hire.

6) Personal Property not covered off-premises - if it is at a premises you own, lease that is not listed as a premises on the policy.

7) Property Coverage is covered to the Business Personal Property (BPP) listed on your policy. When you go offer premises the coverage limit decreases to $10,000 or $15,000.

8) Property owed by Others - Property of Others that is in your Care, Custody, and Control is covered on an Actual Cash Value basis (your owned property is covered on a Replacement Cost Basis). The exception is when the personal property owned by others which is in your care custody and control is subject to a written contract which governs your liability damage to that item(s).

Inland Marine - Commercial Articles does not have these exclusions. We strongly recommend you add Inland Marine coverage if you haven't already. The cost is approximately $100 per year for $20,000 of coverage. ($250 in Alaska, Arkansas, Nevada, South Dakota, Rhode Island, and North Dakota; $225 Colorado; $200 is Washington, South Carolina; $150 in Alabama). If you have a PPA National Membership you may have this coverage already.

NOTE - These statements are general and informational in nature. They do not insure coverage. Check your specific policy for the language of coverage, exclusions and limitations.

Created by Howard Burkholz

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